VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0), a North American lithium exploration and development company, is pleased to announce it has it has been awarded seven exploration permits by the Arizona State Land Department to allow the Company to explore for prospective lithium-bearing clays located on lands in west-central Arizona. The property totals nearly 2,859 acres (1,157 hectares) in Yavapai County. Ameriwest refers to the prospect as the Thompson Valley Hectorite Deposit (“Thompson Valley” or the “Property”).
David Watkinson, President and CEO of Ameriwest stated, “We are pleased to make this, the fourth of a series of lithium exploration properties recently staked by the Company in the United States. This deposit represents prospective lithium sedimentary mineralization with surface or near-surface exposure of lithium-bearing clays, with historic grades reported as comparable to those found in similar sedimentary deposits found in Clayton Valley, NV. Ameriwest’s technical team has put together a series of high-quality exploration properties in an extremely short period of time and each of these properties holds promise for the discovery of lithium and, with exploration success, the potential delineation of mineral resources.”
Surface clay deposits were initially discovered in the area in the mid-1950’s by Joseph Lyles and became known as the “White Hills” deposits. The deposits contain bentonite (montmorillonite) and hectorite clays. The deposits have also been sampled historically and are known to contain lithium. Exploration data from the 1960’s shows lithium content of the bentonite ranges from 0.3 to 0.5% Li2O (1,400 to 2,300 ppm Li), which is similar to the lithium contents for other lithium-clay projects located further north in Arizona (Source: Lithium Bearing Bentonite Deposit, Yavapai County, Arizona, J. J. Norton, Geology Survey Research, 1965). Note that these are historic samples taken prior to the implementation of National Instrument 43-101 (“NI 43-101”), QA/QC procedures are unknown, and Ameriwest’s geologists cannot verify the results. The results do indicate the presence of lithium and warrant the need for additional exploration to evaluate the deposits.
Mining operations in the area began in 1985 at the adjacent Lyles Hectorite Mine and it was reported that a few truckloads of the white clay were shipped per year for limited use as a viscosifier for cosmetics and pharmaceuticals. The mine is currently owned and operated by Vanderbilt Minerals, LLC, a subsidiary of R.T. Vanderbilt Holding Company, a private industrial minerals and chemical company that has operated since 1916 and produces and sells industrial minerals and chemicals on a world-wide basis.
The Lyles Mine is located on a State mineral lease adjacent to Ameriwest’s lithium’s mineral leases and exploration permits. The deposits are shallow, occurring at or near surface, perhaps under a sandy or hard caliche layer. It has been reported that the overall clay sequence is 70 feet (21 m) thick, containing a hectorite bed with a thickness ranging from 8 to 35 feet (2.4 to 11 m). This is supported by an older reference that indicates a thickness of over 40 feet (12 m) as a relatively uniform deposit over the area. Note that the vicinity of Ameriwest’s Property adjacent to the Lyles Mine does not guarantee exploration success or that mineral resources or reserves will be defined. No mineral resources or reserves have yet been delineated on the Property.
Ameriwest will be moving towards a field exploration program of geologic mapping and surface sampling to better define the extent and grade of the deposit. The location has good access and is not far from State Highway 93. A county road passes directly through the prospect in an area known as Thompson Valley. The lands are 120 miles (190 km) north of Phoenix, and a large copper mine is found near Bagdad, AZ 35 miles (56 km) to the northwest.
Greg Bell, P.E. (Arizona), a qualified person under the NI 43-101 instrument, has reviewed and approved the technical content of this release.
Ameriwest invites interested stakeholders and shareholders alike to contact our investor relations team or visit our website and sign-up for regular news alerts which will help provide timely updates of ongoing activities. Company management believes strongly in regular communications, updates, and reports from the field, as an important aspect of developing informative and useful engagement as the Company continues to help explore and develop the exciting and rapidly evolving lithium sector.
On Behalf of the Board of Directors,
President and Chief Executive Officer
For further information, please contact:
Invictus Investor Relations
Tel: +1 (604) 343-8661
About Ameriwest Lithium Inc. (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0)
Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring Nevada’s Deer Musk East property, located in the prolific Clayton Valley, totalling 5,600 acres, the Railroad Valley property, totalling 6,200 acres and Edwards Creek Valley totalling 16,940 acres. Additionally, Ameriwest’s current resource portfolio includes the ESN Project, located in White Pine County, Nevada, and the Koster Dam property, located in the Clinton Mining Division of British Columbia, in which Ameriwest has a 45% interest.
For more information visit: https://ameriwestlithium.com/.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.
TDG Gold Corp. Signs Definitive Agreement To Acquire Advanced Stage “Nueva Esperanza” Silver-gold Project in the Maricunga Belt, Chile
WHITE ROCK, BC / ACCESSWIRE / October 13, 2021 / TDG Gold Corp (TSXV:TDG) (the "Company" or "TDG") is pleased to announce that it has entered into a binding,…
WHITE ROCK, BC / ACCESSWIRE / October 13, 2021 / TDG Gold Corp (TSXV:TDG) (the "Company" or "TDG") is pleased to announce that it has entered into a binding, definitive agreement ("Agreement") between the Company and ASX-listed Kingsgate Consolidated Limited ("Kingsgate") for the acquisition of the advanced stage "Nueva Esperanza" silver-gold project, located in the Maricunga Belt of the Atacama Region of Northern Chile (the "Acquisition"). The Agreement supersedes the non-binding letter of intent announced June 29, 2021. (All dollar amounts are in Canadian Dollars unless specified otherwise.)
The Nueva Esperanza project is located in the northern half of the Maricunga Belt, 140 kilometres ("km") northeast of the city of Copiapo, which is a regional mining centre. It is situated at 4,000-4,200 metres ("m") elevation and encompasses three mining areas, Arqueros, Chimberos and Teterita, with permits for development and comes with associated water rights. On April 13, 2016, Kingsgate published a JORC prefeasibility study, including estimation of a mineral resource and mineral reserve titled "Nueva Esperanza Pre-feasibility Study" (see Kingsgate's announcement of the prefeasibility study on April 13, 2016).
In July 2020, the Nueva Esperanza project was granted Environmental Impact Assessment approval allowing the pre-development, construction and operation of the project (see Kingsgate's news release dated July 14, 2020).
TDG has completed extensive legal and technical due diligence reviews on the Nueva Esperanza project and concluded that the project offers an opportunity for significant value creation for TDG shareholders and other stakeholders, with the objective of transforming TDG into a silver-focused advanced exploration and development company.
As part of its due diligence, TDG commissioned Sue Bird, P.Eng. of MMTS (Moose Mountain Technical Services) to undertake an independent mineral resource estimate for the Nueva Esperanza project in accordance with NI 43-101. On July 08, 2021, TDG announced a current mineral resource estimate for the Nueva Esperanza supported by an independent NI 43-101 technical report.
Under the terms of the Agreement, the Acquisition is subject to certain closing conditions including, but not limited to, the concurrent equity financing being co-led by BMO Capital Markets and RBC Capital Markets (see TDG's news release of July 27, 2021), and the approval of the TSX Venture Exchange. Upon closing, the Acquisition would be transformative for TDG, creating a leading pure precious metals focused company with the ambition to rapidly advance both the Nueva Esperanza project in Chile and TDG's Shasta project in BC's Toodoggone Production Corridor to production decisions.
As a condition to the closing of the acquisition, TDG has agreed to raise a minimum of $35,000,000 in an equity financing (the "Concurrent Financing"). Further announcements will follow in due course regarding the financing arrangements.
Key Transaction Terms
Under the terms of the Agreement, in exchange for 100% ownership of Kingsgate's Chilean subsidiary that holds the Nueva Esperanza project, TDG will pay to Kingsgate the following consideration:
- $25,000,000 cash on closing, subject to certain working capital and other adjustments.
- 14.0% of TDG's outstanding common shares calculated on a post-closing basis (inclusive of any shares issued in a concurrent financing).
- Up to $25,000,000 in future milestone payments, again subject to certain adjustments, of which up to $10,000,000 may be settled in TDG common shares at TDG's discretion, with the applicable milestones as follows:
- a cash payment of $6,250,000 on or before the date that is three months following the date that TDG completes a feasibility study in respect of the Nueva Esperanza project;
- at TDG's election, either a cash payment of $5,000,000 or the issuance of 10,000,000 common shares on or before the date that a construction decision is made in respect of the Nueva Esperanza project;
- at TDG's election, either a cash payment of $5,000,000 or the issuance of 10,000,000 common shares on or before the first anniversary of the commencement of commercial production at the Nueva Esperanza project, as defined in the Agreement ("Commercial Production"); and
- A cash payment of $8,750,000 on or before the second anniversary of Commercial Production.
In connection with the Agreement, the Company will enter into an investor rights agreement with Kingsgate (the "Investor Rights Agreement") to grant Kingsgate certain rights to be set out in the Investor Rights Agreement, including that:
- So long as Kingsgate owns 10% or more of the issued and outstanding shares of TDG it will be entitled to designate one nominee to the Board of Directors of TDG.
- For 24 months following closing of the Agreement, Kingsgate will have the right to participate in the issuance of securities offerings to maintain its percentage interest and/or to increase its percentage ownership interest to up to 19.9% of then outstanding shares of TDG.
The Acquisition is subject to TSX Venture Exchange (the "Exchange") review and approval as well as other conditions precedent, including the completion of the Concurrent Financing. Subject to receiving confirmed orders to the Concurrent Financing in the amount of at least $35,000,000 by October 31, 2021, and the payment by TDG of a non-refundable deposit to Kingsgate in the amount of $500,000, the outside date for the completion of the Acquisition will be November 30, 2021, which date may be extended to December 15, 2021, if factors outside the reasonable control of TDG have prevented closing before November 30, 2021.
About TDG Gold Corp.
TDG is a major holder of mineral claims and mining leases in the historical Toodoggone Production Corridor of north-central British Columbia, Canada, with over 23,000 hectares of brownfield and greenfield exploration opportunities under direct ownership or earn-in agreement. TDG's flagship projects are the former producing, high-grade gold-silver Shasta, Baker and Mets mines, which are all road accessible, produced intermittently between 1981-2012, and have over 65,000 metres of historical drilling. In 2021, TDG proposes to advance the projects through compilation of historical data, new geological mapping, geochemical and geophysical surveys, and drill testing of the known mineralization occurrences and their extensions. The Company has entered into a binding agreement to acquire the Nueva Esperanza silver-gold advanced exploration and development project located in the Maricunga Belt of northern Chile, subject to closing conditions being satisfied. TDG currently has 70,867,903 common shares issued and outstanding.
ON BEHALF OF THE BOARD
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "ambition", "estimate", "concluded", "offers", "objective", "may", "will", "should", "potential" and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the completion of the proposed acquisition of the Nueva Esperanza project, the completion of concurrent equity financing, and the potential development of the Nueva Esperanza project and the Company's existing mineral properties, including the completion of feasibility studies or the making of production decisions in respect thereof. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the completion of other conditions precedent to the Acquisition, including the receipt of regulatory approvals, the state of equity financing markets, and results of future exploration activities by the Company.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
 JORC (Joint Ore Reserves Committee) standards are not in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the prior mineral resource, mineral reserve and results of the study should therefore be treated as historical information and should not relied upon.
SOURCE: TDG Gold Corp.
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Xander Resources Announces Closing of Non-Brokered Private Placement and Grants Options
TheNewswire – October 13, 2021 – Xander Resources Inc. (TSXV:XND) (FSE:1XI) (OTC:XNDRF) (“Xander” or the “Company”) announces that, subject to…
TheNewswire - October 13, 2021 - Xander Resources Inc. (TSXV:XND) (FSE:1XI) (OTC:XNDRF) (“Xander” or the “Company”) announces that, subject to the approval of the TSX Venture Exchange (the “Exchange”) it has closed its non-brokered private placement (the “Private Placement”) issuing an aggregate of 4,200,000 units (each a “Unit”) of the Company at a price of $0.10 per Unit raising gross proceeds of up to $420,000 (the “Proceeds”).
Each Unit consists of one common share (a “Share”) and one transferable share purchase warrant exercisable at $0.20 per Share for a period of two (2) years from the date of closing of the Private Placement.
Deepak Varshney, the President, CEO and a director of the Company, subscribed for 500,000 Units, Dwayne Yaretz, Corporate Secretary and a director of the Company subscribed for 50,000 Units and James Hirst, a director of the Company, subscribed for 100,000 Units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The Company relied upon section 5.5(a) and 5.7(a) as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Private Placement exceeds 25 percent of the Company’s market capitalization (calculated in accordance with MI 61-101).
The Proceeds from the Private Placement will be used for exploration on the Company’s portfolio of properties and for general working capital.
All securities issued are subject to a four month hold period in Canada and the Exchange Hold Period. No finder’s fees were paid in connection with the Private Placement.
The Company also announces that it has granted 470,000 incentive stock options to certain directors, officers and consultants, exercisable at $0.13 for a period of 5 years, in accordance with its stock option plan.
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val-d’Or, Quebec. Our flagship project is the Senneville Project in the Val-d’Or Mining Camp. The project comprises over 100 sq. km and is can be divided into two sections: Senneville East, which is gold-focused and contiguous and adjacent to significant gold projects including Probe Metals’ new discovery to the South and Monarch Mining’s project to the North, and Senneville West, which is lithium-focused and in close proximity to North American Lithium’s deposit, which has proven and probable reserves of 17.06 Mt grading 0.94% Li2O, and near an area undergoing intense exploration by companies including Sayona Mining, Great Thunder Gold and First Energy that the Quebec government is developing into a world-class lithium hub.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.private placement acquisition tsxv-xnd xander-resources-inc press-release
Azincourt Energy Receives DTC Eligibility
VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTCQB: AZURF,…
VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTCQB: AZURF, FSE: A0U2), is pleased to announce its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company (DTC). DTC is a subsidiary of the Depository Trust & Clearing Corp. (DTCC) that manages the electronic clearing and settlement of publicly traded companies in the United States.
Azincourt’s common shares are now fully DTC eligible and will continue to trade under the ticker symbol “AZURF” on the OTC Markets. Through an electronic method of clearing securities, DTC eligibility simplifies the process of trading and transferring the Company’s common shares between brokerages in the United States.
“With our OTCQB upgrade and now DTC eligibility, Azincourt shares are fully tradeable in the US,” says Alex Klenman, President and CEO. “As the uranium sector continues to pick up momentum and become more visible to investors, gaining full accessibility was an important goal of ours. We’re eager to broaden our audience in the US and now we’re in a strong position to do so,” continued Mr. Klenman.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
Alex Klenman, President & CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
For further information please contact:
Alex Klenman, President & CEO
acquisition tsxv-aaz azincourt-energy-corp azincourt energy corp press-release
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